Record Profits for Ryanair.

10 June 2002

Low cost airline Ryanair
, bzsed in the Irish Republic, made record profits of EUR172 million in the last financial year and reported an increase in passenger numbers of 38%.

Ryanair`s chief executive, Michael O`Leary, told BBC Radio 4`s Today programme that the results were a tremendous success. “Bear in mind this is a year that covers not only September the 11th, but foot and mouth disease in the first part of the year,” he said and he forecast that traffic would grow by more than 35% over the next two years. Mr. O`Leary also dismissed the suggestion that the tie-up between rivals easyJet
and Go
would make the market tougher for Ryanair. The company said its average air fare had dropped to GBP33 from GBP35 in the last year against what it claims is a pro forma average air fare of GBP52 being charged by the enlarged easyJet when it completes its acquisition of Go.